MIRA INFORM REPORT
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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MITSUBISHI PLASTICS INC |
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Registered Office : |
Mitsubishi Plastic Bldg, 1-2-2 Nihombashi-Hongokucho Chuoku Tokyo 103-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
February 1946 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 008775 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of PVC resin packaging films, electronics
& specialty materials, building materials, polyester films, carbon fiber,
alumina fiber |
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No. of Employees : |
8831 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
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Source : CIA |
Company name
MITSUBISHI PLASTICS INC
REGD NAME
Mitsubishi Jyushi
KK
MAIN OFFICE
Mitsubishi Plastic
Bldg, 1-2-2 Nihombashi-Hongokucho Chuoku Tokyo 103-0021, JAPAN
Tel:
03-3279-9800 Fax: 03-3279-6700
E-Mail address: info@mpi.co.jp
ACTIVITIES
Mfg of PVC resin packaging films, electronics & specialty materials, building materials, polyester films, carbon fiber, alumina fiber
BRANCHES
Osaka,
Nagoya, Fukuoka, Sendai, Hiroshima, Sapporo, Niigata, Takamatsu, Nagano, Okayama,
Kagoshima,
Yamaguchi,
Takamatsu, other (Tot 15)
OVERSEAS
Germany,
USA (2), Indonesia, China (2), Taiwan, Switz, other
FACTORIES
Nagahama,
Shiga (2), Ushiku, Hiratsuka, Naoetsu, Sakaide, Nagoya, Mizushima, Yamaguchi,
Koriyama, Hanyu
(Saitama)
OFFICER(S)
TAKUMI
UBAGAI, PRES Takashi
Ishizawa, s/mgn dir
Kaoru
Kuroyama, mgn dir Sadato
Kobayashi, dir
Masashi
Ryu, dir Takuya
Wada, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 379,019 M
PAYMENTSREGULR CAPITAL Yen
21,503 M
TREND SLOW WORTH Yen 76,332 M
STARTED 1946 EMPLOYES 8,831
COMMENT
MFR OF PACKAGING MATERIALS,
ELECTRONICS, OTHER; WHOLLY OWNED BY
MITSUBISHI CHEMICAL HOLDINGS CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast (or estimated) figures for the
31/03/2013 fiscal term
HIGHLIGHTS
The subject company was established by Mitsubishi Chemical Corp (now Mitsubishi Chemical Holdings Corp) as processor of synthetic rubber used as aircraft packing materials. In 1948, advanced into PVC resin products. Ranked third in PVC pipes. Developing into polyethylene pipes, films, construction materials & electronic materials. In Oct 2007, became a wholly owned subsidiary of Mitsubishi Chemical Holdings Corp (See REGISTRATION), and delisted from Tokyo & Osaka S/E’s. In Apr 2008, in order to reorganize and integrate functional materials operations, merged four sister companies of the group: Mitsubishi Polyester Film, Mitsubishi Chemical Functional Products, Mitsubishi Chemical MKV and the Chemical Functional Division of Mitsubishi Chemical Co. Handling items expanded. Tops in the world in PE films.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 379,019 million, a 0.8% down from Yen 382,045 million in the previous term. Sales were affected by the Great North Japan Earthquake in Mar 2011, historical high Yen, European credit crisis, Thai floods, demand decrease, material price hikes, etc. Demand for PE films for use in flat displays decreased. The recurring profit was posted at Yen 7,559 million and the net profit at Yen 1,369 million, respectively, compared with Yen 14,882 million recurring profit and Yen 7,575 million net profit, respectively, a year ago.
For the current term ending Mar/2012 the recurring profit is projected at Yen 8,000 million and the net profit at Yen 1,400 million, on a 3% rise in turnover, to Yen 390,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Feb 1946
Regd No.: (Tokyo-Chuoku) 008775
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
865,200,000 shares
Issued:
214,742,045 shares
Sum: Yen 21,503
million
Major shareholders (%):
Mitsubishi Chemical Holdings Corp*(100)
*.. Holding company founded by
Mitsubishi Chemical Corp and Mitsubishi Pharma Corp
(now Mitsubishi Tanabe Pharma Corp) in Oct 2005, listed Tokyo S/E,
capital Yen 50,000 million, turnover Yen 3,208,168 million, operating profit
Yen 230,579 million, recurring profit Yen 133,614 million, net profit Yen
35,486 million, total assets Yen 3,104,290 million, net worth Yen 764,837
million, employees 55,065, pres Yoshimitsu Kobayashi
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures PVC
resin products, PE pipes, construction materials, electronics materials,
others:
(Sales
Breakdown by Divisions):
Packaging
Materials Div (43%): stretch wrapping film, gas barrier film, multi layered
non-oriented film, heat-shrinkable film, PET bottles, bio based film &
sheet, transparent plastic case, micro porous film, foil sheets,
heat-shrinkable tubes;
Information
& Electronics Div (19%): plastic & metal composite sheet,
heat-resistance engineering plastic film, silicone rubber film, flame-retardant
polyester film, PIIK thermoplastic film, rewritable cards;
Supply
Line-related Products Div (35%): PVC pipes, plastic water tanks, plastic
cooling towers, plastic partitions, lighting sheets, plastic rain gutters unit
floor materials, sheet building materials, plastic film-laminated steel sheet,
biaxially-oriented PE film, converted products of PE films;
Others
(3%): carbon fiber, alumina fiber, other.
Overseas
Sales Ratio (38%)
Clients: [Mfrs,
wholesalers] Mitsubishi Shoji Packaging, Okaya & Co, Diaplast Co, Ryoju
Corp, Kyokujitsu Sangyo, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp, Mitsubishi Chemical, Mitsubishi Shoji
Plastic, JFE Shoji Trading, Ryoko Sangyo,
other
Payment
record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
MUFG (H/O)
Mitsubishi UFJ Trust Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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379,019 |
382,045 |
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Cost of Sales |
301,118 |
298,197 |
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GROSS PROFIT |
77,901 |
83,858 |
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Selling & Adm Costs |
67,323 |
67,289 |
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OPERATING PROFIT |
10,578 |
16,569 |
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Non-Operating P/L |
-3,019 |
-1,687 |
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RECURRING PROFIT |
7,559 |
14,882 |
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NET PROFIT |
1,369 |
7,575 |
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BALANCE SHEET |
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Cash |
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20,297 |
10,947 |
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Receivables |
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78,301 |
81,176 |
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Inventory |
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52,636 |
50,508 |
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Securities, Marketable |
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Other Current Assets |
11,559 |
8,158 |
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TOTAL CURRENT ASSETS |
162,793 |
150,789 |
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Property & Equipment |
117,976 |
127,109 |
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Intangibles |
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11,080 |
13,374 |
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Investments, Other Fixed Assets |
24,483 |
24,226 |
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TOTAL ASSETS |
316,332 |
315,498 |
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Payables |
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65,975 |
61,997 |
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Short-Term Bank Loans |
51,301 |
60,300 |
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Other Current Liabs |
37,034 |
39,988 |
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TOTAL CURRENT LIABS |
154,310 |
162,285 |
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Debentures |
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15,000 |
15,000 |
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Long-Term Bank Loans |
47,929 |
37,750 |
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Reserve for Retirement Allw |
16,446 |
14,965 |
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Other Debts |
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6,315 |
7,698 |
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TOTAL LIABILITIES |
240,000 |
237,698 |
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MINORITY INTERESTS |
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Common
stock |
21,503 |
21,503 |
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Additional
paid-in capital |
26,587 |
26,587 |
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Retained
earnings |
38,100 |
38,247 |
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Evaluation
p/l on investments/securities |
583 |
463 |
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Others |
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(10,441) |
(9,000) |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
76,332 |
77,800 |
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TOTAL EQUITIES |
316,332 |
315,498 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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37,238 |
34,517 |
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Cash
Flows from Investment Activities |
-17,909 |
-17,907 |
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Cash Flows
from Financing Activities |
-9,735 |
-12,756 |
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Cash,
Bank Deposits at the Term End |
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20,277 |
10,947 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
76,332 |
77,800 |
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Current
Ratio (%) |
105.50 |
92.92 |
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Net
Worth Ratio (%) |
24.13 |
24.66 |
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Recurring
Profit Ratio (%) |
1.99 |
3.90 |
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Net
Profit Ratio (%) |
0.36 |
1.98 |
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Return
On Equity (%) |
1.79 |
9.74 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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UK Pound |
1 |
Rs.81.74 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.